Private Sale Car Loan | Approved Car Loans
At Approved Car Loans we know that sometimes the best bargain maybe the car that you friend, neighbour or other private seller is moving on from.
At Approved, we want to make the process of getting into your next vehicle as simple and easy as possible. With a private sale purchase there are a few other things that lenders may require - just to make sure that you, the customer are getting a good deal from the seller and not buying someone else's problem.
Lenders will generally request the following items:-
- Seller’s Driver’s Licence
- Registration Certificate
- Proof of Seller’s Bank Account Details
- Some lenders require photos of the car
- A signed Private Sale Invoice as an agreed price between seller and buyer
- A Payout letter from the financier if there is current finance owing on the vehicle
It's always a great idea to get an independent vehicle inspection when buying a used car and particularly so when buying privately.
Why should you choose a private sale for your next car?
There are many advantages and disadvantages to buying a private sale vehicle. The transaction can be a much simpler process when there is no dealer involved and you can ask specific questions about the vehicle directly to the previous owner and therefore get a much more accurate idea of the vehicle condition. However, because private sellers in Australia are not required to guarantee the condition of a vehicle, there can be many uncertainties when purchasing a vehicle privately.
What condition is the vehicle in? Has the previous owner kept up with the regular service intervals? Are there any issues with the vehicle currently that I didn’t notice at first glance?
If the vehicle breaks down as you drive out of the seller’s driveway, legally the seller assumes no responsibility because the vehicle was sold in an ‘as is’ condition. You can do a thorough inspection of a vehicle, get your mechanic to inspect it, get your brother’s, mate’s, best friend who knows a thing or two about cars to have a look at it, but at the end of the day, sometimes things just break down.
So what can I do to make sure my private sale vehicle is in good condition?
While you can get a private sale vehicle inspected by RACQ or your nominated mechanic to give you peace of mind that the vehicle is in respectable condition, traditionally with a private sale vehicle there isn’t anything you can do to warrant that it won’t break down.
However, Approved Car Loans can offer our valued clients the option of Mechanical Breakdown Insurance not only on dealer vehicles, but also on private sale vehicles. Yes, you read right, Approved Car Loans offers Australia’s leading Mechanical Breakdown Insurance on private sale vehicles which can cover all vehicles, regardless of year and kilometres travelled for up to a period of 5 years.
What is Mechanical Breakdown Insurance and what does it cover?
Mechanical Breakdown Insurance covers your vehicle against failure of mechanical components that were covered by the original Manufacturer’s Warranty. Mechanical components that it covers includes engine, gearbox (automatic or manual transmission), differential, cooling system, electrical system, braking system, air conditioning, drive shafts, CV joints, steering system, fuel management system, power window motors and switches, ABS Braking system, radiator, engine computers and too many more components to list.
Approved Car Loans is currently offering Free Mechanical Breakdown Insurance on Private Sales
We know that there is never a convenient time to have a breakdown (especially not on the way to work, in peak hour traffic, on the weekend, during a holiday, late at night, on a Sunday when no mechanics are open or anytime really) so Approved Car Loans are currently offering every new client who purchases a private sale vehicle using our financial services Free Mechanical Breakdown Insurance for their vehicle to ensure they get the peace of mine they deserve.
This includes cover for failure of mechanical components as outlined above, as well as towing assistance reimbursement, accommodation assistance and car hire assistance in the event of a major vehicle breakdown.
To be eligible to receive this exclusive offer, you simply need to apply for finance for an eligible private sale vehicle of your choice, mention this offer at the time of application and have your finance contract settle prior to 31st December 2017, simple as that.
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If your looking to buy a used Car, Bike or Boat privately, talk to the team at Approved Car Loans. We can take the hassle out of arranging finance and our online finance quotes are available 24 hours a day or call and speak to a real person, 7 days a week.
If you are looking for a great deal on private sale car finance and want to be treated like a real person and not a number, talk to our friendly team on 07 3340 6700 - at Approved Car Loans we make car finance this easy!